The company is advancing development of the CNG 200 Optimum ship, which has been designed to transport compressed natural gas (CNG).
GEV’s trading halt will remain in place until the start of normal trading on Tuesday, February 5, 2019, or when an announcement is released to the market, whichever occurs earliest.
The company’s shares last traded at 16.5 cents yesterday.
In GEV’s quarterly report released today chairman and CEO Maurice Brand wrapped up a progressive three months.
He said: “The December quarter saw GEV complete extensive prototype testing of the CNG Optimum system. This program included burst testing, fatigue testing and proof-of-concept testing, all of which were passed with flying colours.
“These tests plus the designs and studies in support of obtaining American Bureau of Shipping (ABS) full class design approval for the Optimum system are now complete.”
Brand said: “Having completed this process, it was very exciting to receive formal approval from the ABS. This means that we can build the CNG 200 Optimum ship as designed while we continue to comply with applicable ABS Rules and Guidelines.
“This is the culmination of three years of work by the dedicated GEV Canada team and a major milestone for GEV that will allow us to move forward with our strategy in building the ships and achieving a Final Investment Decision for our first project, which is our main goal for 2019.”
Selection of shipyard/s
The chairman and CEO said the company’s next major step was to select a shipyard(s) in order to finalise the technical specification, agree on delivery schedule and capital costs.
“This will be completed during the March quarter, which will lead into GEV being in a position to sign a shipbuilding contract in a timely manner and in line with the development progress towards a Final Investment Decision for our first CNG project,” he added.
The company ended the quarter with a cash position of $1.811 million.